US crude inventory falls recently, but only slightly
US commercial crude inventories have fallen by -3mb over the last 2 weeks. A very minor change. Current inventories are -15mb compared to the 5 year average and -36mb compared to this time in 2023. However, US commercial crude has built by +13mb since the beginning of the year, and this time of time of year is typically reflected by building inventories. The upcoming weeks will be helpful in determining how 2024 compares against previous year trends.
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